Minimum Stock Ownership by Management; Cessation of Employment by Members of Management Sample Clauses

Minimum Stock Ownership by Management; Cessation of Employment by Members of Management. (a) The members of Management, at any time during each six-month period of each Fiscal Year, in the aggregate, own directly less than the minimum percentage of the issued and outstanding shares of common stock, $001 par value, of the Parent (together with equity securities exercisable for or convertible into such common stock, the "Common Stock"), on a fully diluted basis (except Common Stock shall not include (i) common stock of Parent that is not currently issued and outstanding and that is offered and sold publicly after the Closing Date under the Securities Act of 1933, as amended, (ii) any equity security granted to members of Management after the Closing Date in accordance with section 5.8 or (iii) those 150,000 options granted to members of Management in March 1998) (the "Minimum Ownership Percentage") corresponding to such six-month period in the following table: Six-Month Period Ended Minimum Ownership Percentage September 30, 1998 32.5% March 31, 1999 30.5% September 30, 1999 28.5% March 31, 2000 26.5% September 30, 2000 24.5% All Other Six-Month Periods 24.5% or; (b) two or more members of Management cease to be employed full time for any reason by a member of the Inmark Group in substantially the same capacity as he is employed on the Closing Date.
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Related to Minimum Stock Ownership by Management; Cessation of Employment by Members of Management

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any of its directors, officers or employees or those of its subsidiaries or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (1) for normal individual increases in compensation to employees (other than executive officers or directors) in the ordinary course of business consistent with past practice, (2) for other changes that are required by applicable law and (3) to satisfy Previously Disclosed contractual obligations.

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

  • Termination of Employment by the Executive for Good Reason Subject to the notice and cure provisions set forth below, the Executive may terminate the Executive’s employment with the Company for Good Reason and receive the Severance Package provisions of Section 5 if any of the following have occurred without the Executive’s written consent (“Good Reason”):

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Termination of Employment Agreements Any and all Employment Agreements entered into between the Company or any of its Subsidiaries and the Executive prior to the date of this Agreement are hereby terminated.

  • Compensation of the Executive 3 4. Termination..............................................................4 5.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Compensation of Executive (a) The Corporation shall pay the Executive as compensation for his services hereunder, in equal semi-monthly or bi-weekly installments during the Term, the sum of $225,000 per annum (the “Base Salary). The Corporation shall review the Base Salary on an annual basis and agrees to increase it by at least 10% per annum, but has no right to decrease the Base Salary.

  • Termination of Employment and Options Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

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